CAD Tumbles to Open Trading Week

Tuesday, September 4, 2018
The CAD has tumbled to open the trading week as concerns on a new trade deal continue to weigh on the Loonie. The Bank of Canada will no doubt be focused on the implications of trade relations when considering future rate hikes. Fundamentals were limited to second tier Manufacturing PMI which was in line with last month’s 56.8.
The USD is pushing higher against most of the G10 currencies as markets continue to eye potential trade battles. Fundamentals were mixed but overall supportive of the USD’s recent move. ISM Manufacturing PMI posted a healthy beat coming in ahead of the 57.6 forecast at 61.3. Construction Spending and ISM Manufacturing Prices were misses of 0.4% and 1.9 respectively.
The EUR is trading softer overall I what looks to be a correction after the considerable rally we saw through August. A push through the current support level could see the EUR fall even further in the near term.
Equities are down across the board this morning: the Dow down 0.22%, the S&P down 0.11%, NASDAQ down 0.23% and the TSX down 0.43%. Crude Oil is up 0.33% this morning ($70.03) while Gold is down 0.81% ($1,191.52).

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